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China Planner Reaffirms Crypto Mining Bans: Securities Times

NDRC spokeswoman says state-owned units involved in crypto “mining” using residential electricity price structures would be punished


Cryptocurrency
A worker adjusts rigs on April 1 at a cryptocurrency mining farm in Dujiangyan, Sichuan province. Photo: AFP

 

China’s National Development and Reform Commission (NDRC) has reaffirmed that virtual currency-related businesses and transactions are illegal financial activities, and that virtual currency “mining” behaviour is extremely harmful, Securities Times reported.

NDRC spokeswoman Meng Wei said state-owned units involved in crypto “mining” using residential electricity price structures would be punished.

According to the state planner, coal production was increasing rapidly, coal stocks in power plants continue to increase, and coal futures spot prices have fallen sharply, she added.

Read the full report: Securities Times

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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